Libbey’s Board of Directors has reaffirmed an existing authorization for the repurchase of up to 1.0 million of its common shares in open market or private transactions, as well as a Rule 10b5-1 share repurchase program for a portion of the authorization that will remain in place through the close of trading on 27 February 2015.
As part of the reauthorization, the company also announced that it has put in place a Rule 10b5-1 share repurchase program for a portion of the authorization that will remain in place through the close of trading on 27 February 2015. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions.
Stephanie Streeter, chief executive officer, commented, "The Board's reaffirmation of the stock repurchase authorization and the implementation of a repurchase program reflects confidence in the long-term strength of our business and demonstrates the company's commitment to returning cash to shareholders. We believe our current share price presents a compelling investment opportunity, and the repurchase program is a prudent use of our existing liquidity."
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world, operating manufacturing plants in the US, Mexico, China, Portugal and the Netherlands.